At December 31, 2014, the following balances existed on the books of the Malloy Corporation:
|
Bonds Payable |
$500,000 |
|
Discount on Bonds Payable |
70,000 |
|
Interest Payable |
12,500 |
If the bonds are retired on January 1, 2015, at 102, what will Malloy report as a loss on bond redemption?
- $92,500.
- $80,000.
- $67,500.
- $10,000.